UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2016
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to________
Commission File number: 000-51836
ROGERS INTERNATIONAL RAW MATERIALS FUND, L.P.
(Exact name of registrant as specified in charter)
Illinois |
|
36-4368292 |
(State of Organization) |
|
(IRS Employer Identification Number) |
c/o Beeland Management Company, L.L.C. General Partner 141 West Jackson Boulevard Suite 1320A Chicago, Illinois |
|
60604 |
(Address of principal executive offices) |
|
(Zip Code) |
(312) 264-4375
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ]
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [ ]
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “large accelerated filer”, “accelerated filer”, and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer [ ] Accelerated filer [ ] Non-accelerated filer [ ]Smaller reporting company [X]
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [ X ]
PART I - FINANCIAL INFORMATION
ITEM 1.FINANCIAL STATEMENTS
The following financial statements of Rogers International Raw Materials Fund, L.P. are included in Item 1:
2
Rogers International Raw Materials Fund, L.P.
Statements of Financial Condition as of June 30, 2016 (Unaudited) and December 31, 2015 (Audited)
|
||||||
|
June 30, 2016 |
December 31, 2015 |
||||
ASSETS |
||||||
|
||||||
Equity in broker trading accounts: |
||||||
Cash at brokers |
$ |
832,583 |
$ |
1,932,056 | ||
Unrealized gain (loss) on open futures contracts, net |
2,165 | (186,937) | ||||
Total equity in brokers trading accounts |
834,748 | 1,745,119 | ||||
|
||||||
U.S. Government securities, at fair value |
3,999,686 | 2,999,396 | ||||
Cash and cash equivalents |
1,281,225 | 1,743,738 | ||||
Total assets |
$ |
6,115,659 |
$ |
6,488,253 | ||
|
||||||
LIABILITIES |
||||||
|
||||||
Brokerage commissions payable |
$ |
1,455 |
$ |
1,455 | ||
Accrued management fees – General Partner |
4,810 | 5,458 | ||||
Administrative and other fees payable |
137,121 | 162,097 | ||||
Withdrawals payable |
115,707 | 253,074 | ||||
Total liabilities |
259,093 | 422,084 | ||||
|
||||||
PARTNERS’ CAPITAL (NET ASSETS) |
||||||
|
||||||
Partners’ capital (net assets) |
5,856,566 | 6,066,169 | ||||
|
||||||
Total liabilities and partners’ capital (net assets) |
$ |
6,115,659 |
$ |
6,488,253 | ||
|
||||||
See accompanying notes to financial statements. |
3
Rogers International Raw Materials Fund, L.P.
Condensed Schedule of Investments as of June 30, 2016 (Unaudited)
|
||||||
U.S. Government securities: |
Fair Value |
Percent of Partners' Capital (Net Assets) |
||||
(total cost - $3,998,046) |
||||||
|
||||||
U.S. Treasury Bills due 7/14/2016 at 0.07%, principal amount $4,000,000 |
$ |
3,999,686 | 68.29 |
% |
||
|
||||||
|
Unrealized Gain (Loss) on Open Long Contracts |
Percent of Partners' Capital (Net Assets) |
||||
Futures contracts*: |
||||||
U.S. Futures Positions |
||||||
Agricultural |
$ |
(15,680) | (0.27) |
% |
||
Metals |
45,770 | 0.78 | ||||
Energy |
(21,545) | (0.37) | ||||
Total U.S. Futures Positions |
8,545 | 0.14 | ||||
|
||||||
Foreign Futures Positions |
||||||
Agricultural |
(2,050) | (0.04) | ||||
Metals |
(4,330) | (0.06) | ||||
Total Foreign Futures Positions |
(6,380) | (0.10) | ||||
|
||||||
Total Futures Contracts |
$ |
2,165 | 0.04 |
% |
||
|
||||||
|
||||||
*No individual futures contract position constitutes greater than 1 percent of Partners’ Capital (Net Assets). |
||||||
Accordingly, the number of contracts and expiration dates are not presented. |
||||||
|
||||||
See accompanying notes to financial statements. |
4
Rogers International Raw Materials Fund, L.P.
Condensed Schedule of Investments as of December 31, 2015 (Audited)
|
||||||
U.S. Government securities: |
Fair Value |
Percent of Partners' Capital (Net Assets) |
||||
(total cost - $2,998,967) |
||||||
|
||||||
U.S. Treasury Bills due 4/14/2016 at 0.07%, principal amount $3,000,000 |
$ |
2,999,396 | 49.44 |
% |
||
|
||||||
|
Unrealized Gain (Loss) on Open Long Contracts |
Percent of Partners' Capital (Net Assets) |
||||
Futures contracts*: |
||||||
U.S. Futures Positions |
||||||
Agricultural |
$ |
(48,825) | (0.81) |
% |
||
Metals |
(34,255) | (0.56) | ||||
Energy |
(68,629) | (1.13) | ||||
Total U.S. Futures Positions |
(151,709) | (2.50) | ||||
|
||||||
Foreign Futures Positions |
||||||
Agricultural |
(7,405) | (0.12) | ||||
Metals |
(27,823) | (0.46) | ||||
Total Foreign Futures Positions |
(35,228) | (0.58) | ||||
|
||||||
Total Futures Contracts |
$ |
(186,937) | (3.08) |
% |
||
|
||||||
|
||||||
*No individual futures contract position constitutes greater than 1 percent of Partners’ Capital (Net Assets). |
||||||
Accordingly, the number of contracts and expiration dates are not presented. |
||||||
|
||||||
See accompanying notes to financial statements. |
||||||
|
||||||
|
5
Rogers International Raw Materials Fund, L.P.
Statements of Operations for the Three and Six Months Ended June 30, 2016 and 2015 (Unaudited)
|
Three Months Ended |
Six Months Ended |
||||||||
|
June 30, |
June 30, |
||||||||
|
2016 |
2015 |
2016 |
2015 |
||||||
|
||||||||||
Net trading gains (losses): |
||||||||||
Realized gains (losses) on futures contracts |
$ |
739,862 |
$ |
338,371 |
$ |
391,710 |
$ (762,493) |
|||
Change in unrealized gains (losses) on open futures contracts |
(102,734) | 308,919 | 189,103 | 622,126 | ||||||
Brokerage commissions |
(5,459) | (7,792) | (11,901) | (16,262) | ||||||
|
631,669 | 639,498 | 568,912 | (156,629) | ||||||
|
||||||||||
Investment income: |
||||||||||
Interest income |
2,640 | 1,205 | 3,750 | 2,550 | ||||||
|
2,640 | 1,205 | 3,750 | 2,550 | ||||||
|
||||||||||
Expenses: |
||||||||||
Management fees – General Partner |
14,400 | 23,880 | 28,832 | 49,189 | ||||||
Administrative and other fees |
31,444 | 41,485 | 63,125 | 85,678 | ||||||
|
45,844 | 65,365 | 91,957 | 134,867 | ||||||
|
||||||||||
Net investment loss |
(43,204) | (64,160) | (88,207) | (132,317) | ||||||
|
||||||||||
Net income (loss) |
$ |
588,465 |
$ 575,338 |
$ |
480,705 |
$ (288,946) |
||||
|
||||||||||
Net increase (decrease) in NAV per GP and LP unit: |
||||||||||
|
||||||||||
General Partner |
$ |
- |
$ 6.80 |
$ |
(2.42) |
$ (3.26) |
||||
Limited Partners-Series A |
$ |
9.00 |
$ 6.80 |
$ |
7.54 |
$ (3.26) |
||||
Limited Partners-Series B |
$ |
8.73 |
$ 6.57 |
$ |
7.28 |
$ (3.23) |
||||
|
||||||||||
Net income (loss) per General and Limited Partners (based on weighted average number of units outstanding during the period): |
||||||||||
|
||||||||||
General Partner |
$ |
- |
$ 8,927 |
$ |
(3,183) |
$ (4,295) |
||||
Limited Partners-Series A |
563,817 | 536,485 | 463,711 | (270,252) | ||||||
Limited Partners-Series B |
24,648 | 29,926 | 20,177 | (14,399) | ||||||
|
$ |
588,465 |
$ 575,338 |
$ |
480,705 |
$ (288,946) |
||||
|
||||||||||
See accompanying notes to financial statements. |
6
Rogers International Raw Materials Fund, L.P.
Statements of Changes in Partners’ Capital (Net Assets) for the Six Months Ended June 30, 2016 and 2015 (Unaudited)
|
|||||||||||||||||||||||
|
General Partner |
Limited Partners |
|||||||||||||||||||||
|
Series A |
Series B |
|||||||||||||||||||||
|
Number of Units |
Dollars |
Number of Units |
Dollars |
Number of Units |
Dollars |
Total |
Total |
|||||||||||||||
|
|||||||||||||||||||||||
|
Partners’ capital (net assets), December 31, 2014 |
1,314 |
$ |
159,924 | 80,908 |
$ |
9,846,684 | 4,520 |
$ |
535,070 |
$ |
10,381,754 |
$ |
10,541,678 | |||||||||
|
|||||||||||||||||||||||
|
Net loss |
- |
(4,295) |
- |
(270,252) |
- |
(14,399) | (284,651) | (288,946) | ||||||||||||||
|
|||||||||||||||||||||||
|
Withdrawals |
- |
- |
(7,419) | (872,742) | (593) | (68,554) | (941,296) | (941,296) | ||||||||||||||
|
|||||||||||||||||||||||
|
Partners’ capital (net assets), June 30, 2015 |
1,314 |
$ |
155,629 | 73,489 |
$ |
8,703,690 | 3,927 |
$ |
452,117 |
$ |
9,155,807 |
$ |
9,311,436 | |||||||||
|
|||||||||||||||||||||||
|
|||||||||||||||||||||||
|
|||||||||||||||||||||||
|
Partners’ capital (net assets), December 31, 2015 |
1,314 |
$ |
113,579 | 65,910 |
$ |
5,696,835 | 3,045 |
$ |
255,755 |
$ |
5,952,590 |
$ |
6,066,169 | |||||||||
|
|||||||||||||||||||||||
|
Net income (loss) |
- |
(3,183) |
- |
463,711 |
- |
20,177 | 483,888 | 480,705 | ||||||||||||||
|
|||||||||||||||||||||||
|
Withdrawals |
(1,314) | (110,396) | (6,328) | (561,678) | (221) | (18,234) | (579,912) | (690,308) | ||||||||||||||
|
|||||||||||||||||||||||
|
Partners’ capital (net assets), June 30, 2016 |
- |
$ |
- |
59,582 |
$ |
5,598,868 | 2,824 |
$ |
257,698 |
$ |
5,856,566 |
$ |
5,856,566 | |||||||||
|
|||||||||||||||||||||||
|
June 30, |
June 30, |
|||||||||||||||||||||
|
Per unit data |
2016 |
2015 |
||||||||||||||||||||
|
|||||||||||||||||||||||
|
Net asset value Series A |
$ 93.97 |
$ 118.44 |
||||||||||||||||||||
|
Net asset value Series B |
$ 91.27 |
$ 115.13 |
||||||||||||||||||||
|
Net asset value General Partner |
$ - |
$ 118.44 |
||||||||||||||||||||
|
|||||||||||||||||||||||
|
See accompanying notes to financial statements. |
7
Rogers International Raw Materials Fund, L.P.
Notes to the Financial Statements (Unaudited)
Note 1.Significant Accounting Policies
Nature of Business and Organization: Rogers International Raw Materials Fund, L.P. (the "Partnership") is an Illinois Limited Partnership that was established in May 2000. The Partnership trades a portfolio primarily of commodity futures and forward contracts, principally on recognized exchanges. The Partnership may also purchase contracts in the over the counter marketplace under certain circumstances. The Partnership invests and trades exclusively on the “long side” of the market. The Partnership’s investment strategy is designed to replicate the Rogers International Commodity Index ® (the “Index”) and positions are rebalanced monthly to maintain the Index’s relative weightings. James B. Rogers designed the Index.
The Partnership commenced trading during November 2001 with assets raised from the offering of its original units of limited partnership interest, now referred to as "Series A" units, and offered Series A units through October 2005. The Partnership began offering Series B units in November 2010. Series A units and Series B units are identical with respect to their participation in the profits and losses of the Partnership; however, Series B units do not participate in any Partnership expenses or recoveries related to the bankruptcy of Refco Inc. and its affiliates. The Partnership’s General Partner and commodity pool operator is Beeland Management Company, L.L.C. (the “General Partner”).
Accounting Policies: The Partnership follows Generally Accepted Accounting Principles (“GAAP”), as established by the Financial Accounting Standards Board (“FASB”), to ensure consistent reporting of financial condition and results of operation. The Partnership is an investment company and follows the accounting and reporting guidelines in FASB Topic 946.
Net Assets: The valuation of net assets includes open commodity futures contracts owned by the Partnership, if any, at the end of the period. The unrealized gain or loss on these contracts has been calculated based on closing prices on the last business day of each month. Net asset value is determined by subtracting liabilities from assets, which also equals partners’ capital.
Cash and Cash Equivalents: Cash and cash equivalents include highly liquid instruments with original maturities of three months or less at the date of acquisition. Cash and cash equivalents represent amounts on deposit with a broker to facilitate payment of expenses and partner withdrawals.
Fair Value of Financial Instruments: Securities and derivative financial instruments are recorded on trade date and at fair value.
Deposits with Brokers: The Partnership deposits assets with brokers subject to Commodity Futures Trading Commission regulations and various exchange and broker requirements. Margin requirements are satisfied by the deposit of cash with such brokers. The Partnership earns interest income on its assets deposited with the brokers.
Revenue Recognition: Futures and forward contracts are recorded on a trade date basis and realized gains or losses are recognized when contracts are liquidated. Unrealized gains or losses on open contracts (the difference between contract trade price and market price) are reported in the statements of financial condition as a net unrealized gain or loss, as there exists a right of offset of unrealized gains or losses. Any change in net unrealized gain or loss from the preceding period is reported in the statement of operations.
Interest Income Recognition: The Partnership records interest income on the accrual basis.
Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Foreign Currency Translation: Foreign currency is translated into U.S. dollars at the exchange rate prevailing on the last business day of each month. The Partnership does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities and derivative financial instruments held. Such fluctuations are included with the net realized trading gains or losses.
Income Taxes: No provision for income taxes has been made in these financial statements as each partner is individually responsible for reporting income or loss based on its respective share of the Partnership’s income and expenses as reported for income tax purposes.
The Partnership is generally not subject to examination by U.S. federal or state taxing authorities for tax years before 2012. The Partnership has no material uncertain tax positions, and accordingly, has not recorded a liability for the payment of interest or penalties through June 30, 2016.
8
Rogers International Raw Materials Fund, L.P.
Notes to the Financial Statements (Unaudited)
Note 1.Significant Accounting Policies (Continued)
Profit and Loss Allocation: Profits and losses of the Partnership are allocated by series based on the number of units held.
Withdrawals Payable: Withdrawals approved by the General Partner prior to month-end with a fixed effective date and fixed amount are recorded as withdrawals payable as of month-end (See Note 5).
Statement of Cash Flows: The Partnership has elected not to provide a statement of cash flows as permitted by GAAP as all of the following conditions have been met:
-During the year, substantially all of the Partnership’s investments were highly liquid;
-Substantially all of the Partnership’s investments are carried at fair value;
-The Partnership had little or no debt during the year;
-The Partnership’s financial statements include a statement of changes in partners’ capital (net assets).
Note 2.Fair Value Measurement
As described in Note 1, the Partnership records its investments at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Partnership utilizes valuation techniques to maximize the use of observable inputs and minimize the use of unobservable inputs. Inputs are broadly defined as assumptions market participants would use in pricing an asset or liability. Assets and liabilities recorded at fair value are categorized within the fair value hierarchy based upon the level of judgment associated with the inputs used to measure their value. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:
Level 1. Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.
Level 2. Inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly or indirectly; and fair value is determined through the use of models or other valuation methodologies.
Level 3. Inputs are unobservable for the asset or liability and include situations where there is little, if any, market activity for the asset or liability. The inputs into the determination of fair value are based upon the best information in the circumstances and may require significant management judgment or estimation.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Partnership’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment.
The following section describes the valuation techniques used by the Partnership to measure different financial instruments at fair value and includes the level within the fair value hierarchy in which the financial instrument is categorized.
The fair values of exchange traded futures contracts are based upon exchange settlement prices. Money market funds included in cash and cash equivalents are valued using quoted market prices. U.S. Government securities are stated at cost plus accrued interest, which approximates fair value based on quoted prices for identical assets in an active market. These financial instruments are categorized in Level 1 of the fair value hierarchy.
The following table summarizes the Partnership’s assets measured at fair value on a recurring basis as of June 30, 2016 and December 31, 2015 using the fair value hierarchy:
|
June 30, 2016 |
December 31, 2015 |
||||
Description |
Level 1 |
Level 1 |
||||
Equity in brokers trading account: |
||||||
Unrealized gain (loss) on open futures contracts, net* |
$ |
2,165 |
$ |
(186,937) | ||
U.S. Government securities* |
3,999,686 | 2,999,396 | ||||
Cash and cash equivalents |
||||||
Money market funds |
1,175,822 | 1,553,238 | ||||
Total assets at fair value |
$ |
5,177,673 |
$ |
4,365,697 |
*See condensed schedules of investments for further description.
9
Rogers International Raw Materials Fund, L.P.
Notes to the Financial Statements (Unaudited)
Note 2. Fair Value Measurements (Continued)
At June 30, 2016 and December 31, 2015, there were no Level 2 or Level 3 assets or liabilities. The Partnership assesses the levels of the investments at each measurement day, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer. There were no transfers among Levels 1, 2 and 3 during the period ended June 30, 2016 and the year ended December 31, 2015.
In addition, substantially all of the Partnership’s other assets and liabilities are considered financial instruments and are reflected at fair value, or at carrying amounts that approximate fair value because of the short maturity of the instruments.
Note 3.Derivative Transactions
Qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments, and disclosures about credit-risk related contingent features in derivative agreements are presented.
The Partnership’s business is the speculative trading of futures contracts. The Partnership does not consider any derivative instruments to be hedging instruments, as this term is generally understood under FASB guidance.
At June 30, 2016 and December 31, 2015, the Partnership’s derivative contracts had the following impact on the statements of financial condition:
|
|||||||||
|
Asset Derivatives |
Liability Derivatives |
Net Derivatives |
||||||
|
June 30, 2016 |
June 30, 2016 |
June 30, 2016 |
||||||
|
Fair Value |
Fair Value |
Fair Value* |
||||||
Futures positions: |
|||||||||
Agricultural |
$ |
49,003 |
$ |
(66,733) |
$ |
(17,730) | |||
Metals |
105,371 | (63,931) | 41,440 | ||||||
Energy |
19,480 | (41,025) | (21,545) | ||||||
Totals |
$ |
173,854 |
$ |
(171,689) |
$ |
2,165 |
*The net fair value of all asset and liability derivative is included in equity in brokers trading accounts in the statements of financial condition.
|
|||||||||
|
Asset Derivatives |
Liability Derivatives |
Net Derivatives |
||||||
|
December 31, 2015 |
December 31, 2015 |
December 31, 2015 |
||||||
|
Fair Value |
Fair Value |
Fair Value* |
||||||
Futures positions: |
|||||||||
Agricultural |
$ |
29,693 |
$ |
(85,923) |
$ |
(56,230) | |||
Metals |
56,112 | (118,190) | (62,078) | ||||||
Energy |
21,106 | (89,735) | (68,629) | ||||||
Totals |
$ |
106,911 |
$ |
(293,848) |
$ |
(186,937) |
*The net fair value of all asset and liability derivative is included in equity in broker trading accounts in the statements of financial condition.
10
Rogers International Raw Materials Fund, L.P.
Notes to the Financial Statements (Unaudited)
Note 3. Derivative Transactions (Continued)
For the three and six months ended June 30, 2016 and 2015, the Partnership’s derivative contracts had the following impact on the statement of operations:
|
Three Months Ended |
Six Months Ended |
|||||||||
|
June 30, |
June 30, |
|||||||||
Type of Contract |
2016 |
2015 |
2016 |
2015 |
|||||||
Agricultural |
$ |
98,866 |
$ |
257,564 |
$ |
88,236 |
$ |
(35,418) | |||
Metal |
113,047 | (99,042) | 221,573 | (166,962) | |||||||
Energy |
425,215 | 488,768 | 271,004 | 62,013 | |||||||
|
$ |
637,128 |
$ |
647,290 |
$ |
580,813 |
$ |
(140,367) | |||
|
|||||||||||
|
Three Months Ended |
Six Months Ended |
|||||||||
|
June 30, |
June 30, |
|||||||||
|
2016 |
2015 |
2016 |
2015 |
|||||||
Line Item in Statements of Operations |
|||||||||||
Realized gains (losses) on futures contracts |
$ |
739,862 |
$ |
338,371 |
$ |
391,710 |
$ |
(762,493) | |||
Change in unrealized gains (losses) on open futures contracts |
(102,734) | 308,919 | 189,103 | 622,126 | |||||||
|
$ |
637,128 |
$ |
647,290 |
$ |
580,813 |
$ |
(140,367) | |||
|
Trading income is exclusive of brokerage commissions.
For the three and six months ended June 30, 2016 and 2015, the monthly average number of contracts bought and sold was 244, 272, 427 and 464 respectively.
As of June 30, 2016 and December 31, 2015, the gross and net information related to derivatives eligible for offset had the following impact on the statement of financial condition.
As of June 30, 2016 |
||||||||
|
Gross Amount of Recognized Assets and Liabilities |
Gross Amounts Offset in the Consolidated Statement of Financial Condition |
Net Amount of Unrealized Gain Presented in the Consolidated Statement of Financial Condition |
|||||
Assets |
||||||||
US and foreign futures contracts |
$ |
173,854 |
$ |
(171,689) |
$ |
2,165 | ||
|
||||||||
Liabilities |
||||||||
US and foreign futures contracts |
171,689 | (171,689) |
- |
|||||
|
||||||||
Derivatives Assets and Liabilities and Collateral Received by Counterparty |
||||||||
As of June 30, 2016 |
||||||||
|
||||||||
|
Net Amount of |
|||||||
|
Unrealized Gain (Loss) |
Gross Amounts Not Offset in |
||||||
|
Presented in the Statement |
the Statement of Financial Condition |
||||||
Counterparty |
of Financial Condition |
Financial Instruments |
Cash Collateral Deposited |
Net Amount |
||||
|
||||||||
ADM Investor Services, Inc. |
$ |
2,165 |
$ |
- |
$ |
(2,165) |
$ |
- |
Total |
$ |
2,165 |
$ |
- |
$ |
(2,165) |
$ |
- |
|
11
Rogers International Raw Materials Fund, L.P.
Notes to the Financial Statements (Unaudited)
Note 3. Derivative Transactions (Continued)
Year ended December 31, 2015 |
|||||||||
|
Gross Amount of Recognized Assets and Liabilities |
Gross Amounts Offset in the Consolidated Statement of Financial Condition |
Net Amount of Unrealized Loss Presented in the Consolidated Statement of Financial Condition |
||||||
Assets |
|||||||||
US and foreign futures contracts |
$ |
106,911 |
$ |
(106,911) |
$ |
- |
|||
|
|||||||||
Liabilities |
|||||||||
US and foreign futures contracts |
293,848 | (106,911) | 186,937 | ||||||
|
|||||||||
Derivatives Assets and Liabilities and Collateral Received by Counterparty |
|||||||||
As of December 31, 2015 |
|||||||||
|
|||||||||
|
Net Amount of |
||||||||
|
Unrealized Gain (Loss) |
Gross Amounts Not Offset in |
|||||||
|
Presented in the Statement |
the Statement of Financial Condition |
|||||||
Counterparty |
of Financial Condition |
Financial Instruments |
Cash Collateral Deposited |
Net Amount |
|||||
|
|||||||||
ADM Investor Services, Inc. |
$ |
(186,937) |
- |
$ |
186,937 |
- |
|||
Total |
$ |
(186,937) |
- |
$ |
186,937 |
- |
|||
|
|||||||||
|
Note 4.Agreements and Related-Party Transactions
The Limited Partnership Agreement vests all responsibility and powers for the management of the business and affairs of the Partnership with the General Partner, Beeland Management Company, L.L.C. including trading decisions.
The Partnership pays a monthly management fee to the General Partner equal to 0.08333% of the net assets of the Partnership at the close of the preceding month (1.00% per annum).
The Partnership is responsible for the administrative and trading expenses related to its operations. The General Partner may incur certain expenses on behalf of the Partnership and charge the Partnership for its allocable portion of these expenses.
Uhlmann Price Securities L.L.C. (“Uhlmann”), a party related to the General Partner by reason of common management, and from April 2013 to December 2015, common ownership, acts as the selling group manager for the Partnership. The Partnership pays Uhlmann a share of selling fees when units are sold by its registered brokers. Selling fees of up to 2% of the gross offering proceeds (which includes a 0.50% reallowance to Uhlmann) were charged to partners’ capital upon issuance of Series B Partnership units.
In addition, there is an annual trailing servicing fee of up to 1% of the net asset value of the specific partner’s capital account payable to the soliciting broker-dealer for ongoing investor services. For all Series B units sold, the total trailing servicing fee is not to exceed 7.99% of the gross offering proceeds of the units sold.
The Price Futures Group, Inc. (“PFG”), a related party to the General Partner through common management, and from April 2013 to December 2015, common ownership, acts as the introducing broker for the Partnership, whereby certain accounts of the Partnership are introduced to the Partnership’s clearing broker. A portion of the brokerage fee paid by the Partnership for clearing transactions is paid to PFG, by the clearing broker.
12
Rogers International Raw Materials Fund, L.P.
Notes to the Financial Statements (Unaudited)
Note 4.Agreements and Related-Party Transactions (Continued)
A summary of fees charged by related parties to the Partnership is as follows:
|
||||||||||||
|
Three Months Ended |
Six Months Ended |
||||||||||
|
June 30, |
June 30, |
||||||||||
|
2016 |
2015 |
2016 |
2015 |
||||||||
Management fees – General Partner |
$ |
14,400 |
$ |
23,880 |
$ |
28,832 | 49,189 | |||||
Trailing servicing fees – Uhlmann |
10,151 | 17,072 | 20,458 | 35,170 | ||||||||
|
Note 5. Partnership Capital and Withdrawals
The Partnership accepts contributions as of the close of business on the last business day of each month for investment on the first day of the next succeeding month. The General Partner may accept or reject contributions and waive the minimum contribution amounts in its sole discretion.
Effective November 1, 2010, the Partnership began accepting contributions for Series B units. The Partnership has been closed to Series A units contributions since October 31, 2005. Effective May 1, 2013, the Partnership ceased offering its units of limited partnership and is no longer accepting contributions.
The purchase price of a unit is the net asset value per unit as of the end of each calendar month. Net asset value per unit is calculated as the net asset value at month-end divided by the number of outstanding units.
The Partnership accepts withdrawals on a monthly basis. Requests for withdrawal should be received by the General Partner no later than six business days prior to the end of the month in which an investor chooses to withdraw. Requests for withdrawal should be sent to the General Partner by email, fax, or overnight courier.
Note 6. Financial Instruments with Off-Balance Sheet Credit and Market Risk
The Partnership is involved in trading activities that may have market and/or credit risk. Financial instruments employed in the Partnership’s operations may have market and/or credit risk in excess of the amounts recorded in the statement of financial condition.
Market Risk - Market risks arise from changes in the market value of financial instruments. Theoretically, the Partnership’s exposure is equal to the notional contract value of futures contracts entered. Exposure to market risk is influenced by a number of factors, including the relationships between financial instruments, and the volatility and liquidity in the markets in which the financial instruments are traded.
Credit Risk - Credit risk arises primarily from the potential inability of counterparties to perform in accordance with the terms of a contract. The Partnership’s exposure to credit risk associated with counterparty nonperformance is generally the net unrealized gain on the open positions plus the value of the margin or collateral held by the counterparty. Exchange-traded financial instruments generally do not give rise to significant counterparty exposure due to the cash settlement procedures for daily market movements and the margin requirements of individual exchanges. Financial instruments traded off-exchange give rise to the risk of the failure of, or the inability or refusal to perform by, the counterparties to such trades.
Concentration of Credit Risk - The Partnership clears all of its futures trades through one clearing broker, ADM Investor Services, Inc. In the event this counterparty does not fulfill its obligations, the Partnership may be exposed to risk. This risk of default depends on the creditworthiness of the counterparties to these transactions.
The Partnership has a substantial portion of its assets on deposit with financial institutions in connection with its cash management activities. In the event of a financial institution’s insolvency, recovery of the Partnership’s assets on deposit may be limited to the amount of insurance or other protection afforded such deposits.
The Partnership attempts to minimize this credit risk by monitoring the creditworthiness of the clearing broker and financial institutions.
13
Rogers International Raw Materials Fund, L.P.
Notes to the Financial Statements (Unaudited)
Note 7.Financial Highlights
Financial highlights for limited partners for the three and six months ended June 30, 2016 and 2015 are as follows:
Per Unit Performance |
||||||||||||
|
Three months ended |
Three months ended |
||||||||||
|
June 30, 2016 |
June 30, 2015 |
||||||||||
|
Series A |
Series B |
Series A |
Series B |
||||||||
Net asset value per unit at the beginning of the period |
$ |
84.97 |
$ |
82.54 |
$ |
111.64 |
$ |
108.56 | ||||
Income (loss) from operations: |
||||||||||||
Net trading gains (losses) |
9.68 | 9.40 | 7.60 | 7.39 | ||||||||
|
||||||||||||
Investment income |
0.04 | 0.04 | 0.01 | 0.01 | ||||||||
Expenses |
(0.72) | (0.71) | (0.81) | (0.83) | ||||||||
Net investment loss |
(0.68) | (0.67) | (0.80) | (0.82) | ||||||||
|
||||||||||||
Net gain (loss) per unit |
9.00 | 8.73 | 6.80 | 6.57 | ||||||||
Net asset value per unit at the end of the period |
$ |
93.97 |
$ |
91.27 |
$ |
118.44 |
$ |
115.13 | ||||
|
||||||||||||
|
||||||||||||
|
||||||||||||
|
Six months ended |
Six months ended |
||||||||||
|
June 30, 2016 |
June 30, 2015 |
||||||||||
|
Series A |
Series B |
Series A |
Series B |
||||||||
Net asset value per unit at the beginning of the period |
$ |
86.43 |
$ |
83.99 |
$ |
121.70 |
$ |
118.36 | ||||
Income (loss) from operations: |
||||||||||||
Net trading gains (losses) |
8.89 | 8.62 | (1.67) | (1.62) | ||||||||
|
||||||||||||
Investment income |
0.04 | 0.04 | 0.03 | 0.03 | ||||||||
Expenses |
(1.39) | (1.38) | (1.62) | (1.64) | ||||||||
Net investment loss |
(1.35) | (1.34) | (1.59) | (1.61) | ||||||||
|
||||||||||||
Net gain (loss) per unit |
7.54 | 7.28 | (3.26) | (3.23) | ||||||||
Net asset value per unit at the end of the period |
$ |
93.97 |
$ |
91.27 |
$ |
118.44 |
$ |
115.13 | ||||
|
14
Rogers International Raw Materials Fund, L.P.
Notes to the Financial Statements (Unaudited)
Note 7.Financial Highlights (Continued)
|
Three months ended |
Three months ended |
|||||||||||
|
June 30, 2016 |
June 30, 2015 |
|||||||||||
|
Series A |
Series B |
Series A |
Series B |
|||||||||
Ratio of net investment loss to average partners’ capital (net assets)(1) |
(2.98) |
% |
(3.04) |
% |
(2.70) |
% |
(2.86) |
% |
|||||
|
|||||||||||||
Ratio of expenses to average partners' capital (net assets) (1)(2) |
3.17 |
% |
3.23 |
% |
2.75 |
% |
2.91 |
% |
|||||
|
|||||||||||||
Total return (3) |
10.60 |
% |
10.58 |
% |
6.09 |
% |
6.06 |
% |
|||||
|
|||||||||||||
|
Six months ended |
Six months ended |
|||||||||||
|
June 30, 2016 |
June 30, 2015 |
|||||||||||
|
Series A |
Series B |
Series A |
Series B |
|||||||||
Ratio of net investment loss to average partners’ capital (net assets)(1) |
(3.05) |
% |
(3.11) |
% |
(2.70) |
% |
(2.82) |
% |
|||||
|
|||||||||||||
Ratio of expenses to average partners' capital (net assets) (1)(2) |
3.18 |
% |
3.25 |
% |
2.76 |
% |
2.88 |
% |
|||||
|
|||||||||||||
Total return (3) |
8.72 |
% |
8.67 |
% |
(2.69) |
% |
(2.73) |
% |
|||||
|
The above ratios were calculated for the partners taken as a whole. The computation of such ratios was not based on the amount of expenses assessed and income allocated to an individual partner’s capital account, which may vary from these ratios based on the timing of capital transactions (see Note 5).
(1) Annualized.
(2) The ratio of expenses to average partners’ capital (net asset) values does not include brokerage commissions.
(3) Not annualized.
Note 8.Litigation
The Partnership was a beneficiary of a Litigation Trust which sought recoveries from third parties, related to the 2005 bankruptcy of Refco, Inc. and numerous affiliates (the “Refco Bankruptcy”). In December 2014, the Partnership received additional amounts from the Litigation Trust and sold its interest in any future bankruptcy claims to a third party after giving consideration to such factors as the uncertainty regarding the timing and amount of any future potential distributions. With these final distributions, the Partnership has received the full value of its allowed claims in the Refco bankruptcy as well as excess recoveries of approximately $5.9 million.
All Refco Bankruptcy related recoveries received by the Partnership, including excess recoveries except as described below, have been allocated among all partners in the Partnership who were partners as of October 31, 2005, on a pro-rata basis as of October 31, 2005, with redeemed partners receiving cash distributions. Final cash distributions to redeemed partners from excess recoveries totaled approximately $434,424 for the year ended December 31, 2014. At December 31, 2014, $337,499 of excess Refco related recoveries was payable to redeemed limited partners. All cash distributions were paid out to redeemed investors in December 2015.
The Partnership has reserved $54,489 of the excess Refco related recoveries to apply to expenses incurred to administer ongoing communication with, and distributions and reporting to, redeemed limited partners with respect to Refco related recoveries received by the Partnership. These expenses include but are not limited to professional fees, printing, postage, and administration fees.
15
Rogers International Raw Materials Fund, L.P.
Notes to the Financial Statements (Unaudited)
Note 9. Indemnifications
In the normal course of business, the Partnership enters into contracts and agreements that contain a variety of representations and warranties, both of which provide general indemnifications. The Partnership’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Partnership that have not yet occurred. The Partnership expects the risk of any future obligation under these indemnifications to be remote.
Note 10.Interim Financial Statements
The statements of financial condition, including the condensed schedule of investments, as of June 30, 2016, the statement of operations and changes in partners’ capital (net assets) for the three and six months ended June 30, 2016 and 2015 and the accompanying notes to the financial statements are unaudited. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP may be omitted pursuant to such rules and regulations. In the opinion of the General Partner, such financial statements and accompanying disclosures reflect all adjustments, which were of a normal and recurring nature, necessary for a fair presentation of the financial position as of June 30, 2016, results of operations and changes in partner’s capital (net assets) for the three and six months ended June 30, 2016 and 2015. The results of operations for the three and six months ended June 30, 2016 and 2015 are not necessarily indicative of the results to be expected for the full year or any other period. These financial statements should be read in conjunction with the audited financial statements and the notes thereto included in the Partnership’s Form 10-K as filed with the SEC.
Subsequent to June 30, 2016, withdrawals totaled approximately $41,639.
16
ITEM 2.MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
INTRODUCTION
The Partnership’s principal objective is to provide an alternative investment vehicle for investors with diversified investment portfolios. The Partnership’s trading is designed to replicate the positions which comprise the Rogers International Commodity Index. The Partnership invests and trades in a portfolio of commodity futures and exchange traded forward contracts. The Partnership invests and trades solely on the “long side” of the market. The General Partner (“Beeland Management”) manages all business of the Partnership.
CAPITAL RESOURCES
The Partnership raised additional capital only through the sale of Units offered pursuant to its offering, which ceased May 1, 2013. The Partnership does not intend to raise any capital through borrowing. Due to the nature of the Partnership’s business, it will make no capital expenditures and will have no capital assets which are not operating capital or assets.
LIQUIDITY
Most United States commodity exchanges limit fluctuations in futures contracts prices during a single day by regulations referred to as “daily price fluctuation limits” or “daily limits.” During a single trading day, no trades may be executed at prices beyond the daily limit. This may affect the Partnership’s ability to initiate new positions or close existing ones or may prevent it from having orders executed. Futures prices have occasionally moved the daily limit for several consecutive days with little or no trading. Similar occurrences could prevent the Partnership from promptly liquidating unfavorable positions and subject the Partnership to substantial losses, which could exceed the margin initially committed to such trades. In addition, even if futures prices have not moved the daily limit, the Partnership may not be able to execute futures trades at favorable prices if little trading in such contracts is taking place.
Other than these limitations on liquidity, which are inherent in the Partnership’s trading operations, the Partnership’s assets are expected to be highly liquid.
RESULTS OF OPERATIONS
The Partnership’s net income or loss is directly related to changes in the value of the Index, which the Partnership is designed to replicate, and is not dependent on trading decisions made by Beeland Management apart from balancing positions to track the Index. In periods of general market inflation, Beeland Management would expect the value of the Index to increase; similarly, in periods of general market deflation, Beeland Management would expect the value of the Index to decrease. The Partnership’s performance may be negative in years when the Index’s performance is positive due to fees charged.
The components of the Partnership’s return are normally the gains and losses recognized from the changes in futures market prices and the interest income earned on cash balances. The mechanics and rules of futures markets allow the Partnership to earn interest on approximately 90% to 100% of its assets.
At June 30, 2016 and December 31, 2015, the Partnership’s net assets were $5,856,566 and $6,066,169, respectively.
|
Three Months Ended |
Six Months Ended |
||||||||||
|
June 30, |
June 30, |
||||||||||
Net Revenues |
2016 |
2015 |
2016 |
2015 |
||||||||
Realized gains (losses) on futures contracts |
$ |
739,862 |
$ |
338,371 |
$ |
391,710 |
$ |
(762,493) | ||||
Change in unrealized gains (losses) on open futures contracts |
(102,734) | 308,919 | 189,103 | 622,126 | ||||||||
Interest income |
2,640 | 1,205 | 3,750 | 2,550 | ||||||||
Brokerage commissions |
(5,459) | (7,792) | (11,901) | (16,261) | ||||||||
|
||||||||||||
Total Net Revenues |
634,309 | 640,703 | 572,662 | (154,078) | ||||||||
|
||||||||||||
Operating Expenses |
||||||||||||
Management fees |
14,400 | 23,880 | 28,832 | 49,189 | ||||||||
Administrative fees and other expenses |
31,444 | 41,485 | 63,125 | 85,678 | ||||||||
|
||||||||||||
Total Operating Expenses |
45,844 | 65,365 | 91,957 | 134,868 | ||||||||
|
||||||||||||
Net Income (Loss) |
$ |
588,465 |
$ |
575,338 |
$ |
480,705 |
$ |
(288,946) | ||||
|
17
The Partnership pays various fees and expenses on a continuing basis which include management fees, servicing fees, and brokerage commission and transaction fees.
Results of Operations
2016
The Partnership posted a loss of -4.10% in January. The performance for all of the Index’s sectors was mixed. The metals sector posted a gain of 0.19%, while the agricultural and energy sectors posted losses of -0.56%, and -3.37% respectively. The best performing commodities in January were gold, lean hogs, silver, corn and soybean meal. The highest grossing commodities were gold, corn, silver, wheat and soybeans.
The Partnership posted a loss of -2.08% in February. The performance for all of the Index’s sectors was mixed. The metals sector posted a gain of 1.45%, while the agricultural and energy sectors posted losses of -1.07%, and -2.21% respectively. The best performing commodities in February were gold, sugar, cocoa-NYSE, zinc and tin. The highest grossing commodities were gold, zinc, silver, aluminum and copper.
The Partnership posted a gain of 4.69% in March. The performance for the Index’s sectors were all positive. The agricultural, energy and metals sectors posted gains of 1.41%, 3.18% and 0.26%, respectively. The best performing commodities in March were lumber, orange juice, rubber, soybean oil and sugar-NYSE. The highest grossing commodities were light crude, brent crude, natural gas, lumber and RBOB gasoline.
The Partnership posted a gain of 8.98% in April. The performance for the Index’s sectors were all positive. The agricultural, energy and metals sectors posted gains of 1.58%, 5.56% and 2.02%, respectively. The best performing commodities in April were silver, brent crude, heating oil, soybean meal and gas oil. The highest grossing commodities were light crude, brent crude, silver, corn and aluminum.
The Partnership posted a loss of -0.43% in May. The performance for all of the Index’s sectors was mixed. The agricultural and energy sectors posted gains of 0.28%, and 1.63%, respectively and the metals sector posted a loss of -1.97%. The best performing commodities in May were orange juice, soybean meal, gas oil, heating oil and sugar. The highest grossing commodities were light crude, brent crude, soybeans, corn and heating oil.
The Partnership posted a gain of 1.92% in June. The performance for all of the Index’s sectors was mixed. The metals and energy sectors posted a gains of 1.92% and 0.37%, respectively while the agricultural sector posted a loss of -0.06%. The best performing commodities in June were natural gas, silver, orange juice, sugar and sugar-NYSE. The highest grossing commodities were natural gas, silver, soybeans, gold and aluminum.
2015
The Partnership posted a loss of -5.93% in January. The performance for all of the Index’s sectors was mixed. The metals sector posted a gain of 0.12%, while the agricultural and energy sectors posted losses of -2.12%, and -.3.52% respectively. The best performing commodities in January were silver, gold, platinum, sugar and coffee-NYSE. The highest grossing commodities were silver, gold, platinum, sugar and coffee-NYSE.
The Partnership posted a gain of 3.39% in February. The performance for all of the Index’s sectors was mixed. The agricultural and energy sectors posted gains of 0.84%, and 3.43%, respectively and the metals sector posted a loss of -0.62%. The best performing commodities in February were heating oil, RBOB gasoline, brent crude, gas oil and rubber. The highest grossing commodities were brent crude, RBOB gasoline, heating oil, cotton and copper.
The Partnership posted a loss of -5.68% in March. The performance for the Index’s sectors were all negative. The agricultural, energy and metals sectors posted losses of -1.19%, -3.90% and -0.21%, respectively. The best performing commodities in March were live cattle, lead, orange juice, copper and rough rice. The highest grossing commodities were live cattle, copper, lead, KC red wheat and orange juice.
The Partnership posted a gain of 7.39% in April. The performance for all of the Index’s sectors was mixed. The metals and energy sectors posted a gains of 1.12% and 6.72%, respectively while the agricultural sector posted a loss of -0.35%. The best performing commodities in April were brent crude, light crude, RBOB gasoline, lead and zinc. The highest grossing commodities were light crude, brent crude, RBOB gasoline, aluminum and lead.
The Partnership posted a loss of -2.72% in May. The performance for all of the Index’s sectors was negative. The agricultural, metals and energy sectors posted losses of -0.56%, -0.97%, and -0.83% respectively. The best performing commodities in May were lumber, rubber, Euro rapeseed, soybean oil and cocoa-NYSE. The highest grossing commodities were silver, soybean oil, lumber, rubber and Euro rapeseed.
18
The Partnership posted a gain of 1.54% in June. The performance for all of the Index’s sectors was mixed. The agricultural sector posted a gain of 3.53%, while the metals and energy sectors posted losses of -1.10%, and -0.66% respectively. The best performing commodities in June were wheat, corn, milling wheat, soybean meal, and soybeans. The highest grossing commodities were wheat, corn, soybeans, natural gas and KC red wheat.
OFF-BALANCE SHEET RISK
The term “off-balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the balance sheet, may result in future obligation or loss. The Partnership trades primarily in futures and exchange traded forward contracts and may therefore become a party to financial instruments with elements of off-balance sheet market and credit risk. In entering into these contracts, there exists a market risk that such contracts may be significantly influenced by conditions, such as interest rate volatility, resulting in such contracts being less valuable. If the markets should move against all of the open positions of the Partnership at the same time, the Partnership could experience substantial losses.
In addition to market risk, in entering into futures, exchange-traded forward, or over the counter contracts there is a credit risk that a counterparty will not be able to meet its obligations to the Partnership. The counterparty for futures contracts traded in the United States and on most foreign exchanges is the clearinghouse associated with such exchange. In general, clearinghouses are backed by the corporate members of the clearinghouse who are required to share any financial burden resulting from the non-performance by one of their members and, as such, should significantly reduce this credit risk. In cases where the clearinghouse is not backed by the clearing members, like some foreign exchanges, it is normally backed by a consortium of banks or other financial institutions. In off-exchange transactions, traders must rely solely on the credit of their counterparties. Margins, which may be subject to loss in the event of a default, are generally required in exchange trading, and counterparties may require collateral in the over-the-counter markets.
CRITICAL ACCOUNTING POLICIES – VALUATION OF THE PARTNERSHIP’S POSITIONS
The General Partner believes that the accounting policies that are most critical to the Partnership’s financial condition and results of operations relate to the valuation of the Partnership’s positions. The majority of the Partnership’s positions are exchange-traded futures contracts, which are valued daily at settlement prices published by the exchanges. Any spot or forward foreign currency contracts held by the Partnership are also valued at published daily settlement prices or at dealers’ quotes. Thus, the General Partner expects that under normal circumstances substantially all of the Partnership’s assets will be valued on a daily basis using objective measures.
OFF-BALANCE SHEET ARRANGEMENTS
The Partnership does not engage in off-balance sheet arrangements with other entities.
CONTRACTUAL OBLIGATIONS
The Partnership does not enter into any contractual obligations or commercial commitments to make future payments of a type that would be typical for an operating company or that would affect its liquidity or capital resources. The Partnership’s sole business is trading futures, exchange-traded commodity forward, and, possibly, commodity related over the counter contracts. All such contracts are settled by offset, not delivery. The Partnership’s Financial Statements, included in this report, present a Schedule of Investments setting forth the unrealized gain and unrealized loss on the Partnership’s open futures contracts at June 30, 2016 (unaudited) and December 31, 2015.
ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not required.
ITEM 4.CONTROLS AND PROCEDURES
The principal executive officer and principal financial officer of Beeland Management have evaluated the effectiveness of Beeland Management’s disclosure controls and procedures with respect to the Partnership as of the end of the fiscal quarter for which this Quarterly Report on Form 10-Q is being filed and have concluded that Beeland Management has effective disclosure controls and procedures to ensure that material information relating to the Partnership is made known to them by others within Beeland Management, particularly during the period in which this quarterly report is being prepared. There have been no significant changes in Beeland Management’s internal controls over financial reporting with respect to the Partnership that occurred during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, Beeland Management’s internal controls over financial reporting with respect to the Partnership.
19
PART II-OTHER INFORMATION
ITEM 1.LEGAL PROCEEDINGS.
None.
ITEM 1A. RISK FACTORS
Not required.
ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
(c)Pursuant to the Partnership’s Limited Partnership Agreement, investors may redeem their units at the end of each calendar month at the then current month-end net asset value per unit. The redemption of units has no impact on the value of units that remain outstanding, and units are not reissued once redeemed.
The following tables summarize the redemptions by investors during the three months ended June 30, 2016.
Series A |
|||||
|
|||||
Month: |
Units Redeemed: |
NAV per Unit ($): |
|||
April 30, 2016 |
(2,110.11) |
$ |
92.59 | ||
May 31, 2016 |
(1,190.01) |
$ |
92.20 | ||
June 30, 2016 |
(284.72) |
$ |
93.97 | ||
|
|||||
Series B |
|||||
|
|||||
Month: |
Units Redeemed: |
NAV per Unit ($): |
|||
April 30, 2016 |
- |
$ |
89.95 | ||
May 31, 2016 |
- |
$ |
89.56 | ||
June 30, 2016 |
- |
$ |
91.27 |
ITEM 3.DEFAULTS UPON SENIOR SECURITIES
Not applicable.
ITEM 4.(Removed and Reserved)
ITEM 5.OTHER INFORMATION
None
ITEM 6.EXHIBITS
|
|
31.01 |
Rule 13a-14(a)/15d-14(a) Certification |
31.02 |
Rule 13a-14(a)/15d-14(a) Certification |
32.01 |
Section 1350 Certification |
32.02 |
Section 1350 Certification |
101.INS |
XBRL Instance Document |
101.SCH |
XBRL Taxonomy Extension Schema Document |
101.CAL |
XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF |
XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB |
XBRL Taxonomy Extension Label Linkbase Document |
101.PRE |
XBRL Taxonomy Extension Presentation Linkbase Document |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized on August 10, 2016.
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ROGERS INTERNATIONAL RAW MATERIALS FUND, L.P. |
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(Registrant) |
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By: Beeland Management Company, L.L.C. |
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General Partner |
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By: /s/David F. Schink |
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David F. Schink |
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Manager |
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By: /s/ Marilyn Cleeff |
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Marilyn Cleeff |
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Principal Financial and Accounting Officer |
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RULE 13a-14(a)/15d-14(a)
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
I, David F. Schink, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Rogers International Raw Materials Fund, L.P.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: August 10, 2016
By: /s/ David F. Schink
David F. Schink
Manager
Beeland Management Company, L.L.C.
General Partner of Rogers International Raw Materials Fund, L.P.
RULE 13a-14(a)/15d-14(a)
CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
I, Marilyn S. Cleeff, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Rogers International Raw Materials Fund, L.P.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: August 10, 2016
By: /s/ Marilyn S. Cleeff
Marilyn S. Cleeff
Principal Financial and Accounting Officer
Beeland Management Company, L.L.C.
General Partner of Rogers International Raw Materials Fund, L.P.
CERTIFICATION
PURSUANT TO
SECTION 1350 OF CHAPTER 63 OF TITLE 18 OF THE UNITED STATES CODE
I, David F. Schink, a Manager of Beeland Management Company, L.L.C., the General Partner of Rogers International Raw Materials Fund, L.P. (the “Partnership”), certify that (i) the Quarterly Report of the Partnership on Form 10-Q for the period ended June 30, 2016 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in such Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.
Date: August 10, 2016
By: /s/ David F. Schink
David F. Schink
Manager
Beeland Management Company, L.L.C.
General Partner of Rogers International Raw Materials Fund, L.P.
EXHIBIT 32.02
CERTIFICATION
PURSUANT TO
SECTION 1350 OF CHAPTER 63 OF TITLE 18 OF THE UNITED STATES CODE
I, Marilyn S. Cleeff, Chief Financial Officer of Beeland Management Company, L.L.C., the General Partner of Rogers International Raw Materials Fund, L.P. (the “Partnership”), certify that (i) the Quarterly Report of the Partnership on Form 10-Q for the period ended June 30, 2016 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in such Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.
Date: August 10, 2016
By: /s/ Marilyn S. Cleeff
Marilyn S. Cleeff
Principal Financial and Accounting Officer
Beeland Management Company, L.L.C.
General Partner of Rogers International Raw Materials Fund, L.P.
Document and Entity Information |
6 Months Ended |
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Jun. 30, 2016
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Document And Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2016 |
Document Fiscal Year Focus | 2016 |
Document Fiscal Period Focus | Q2 |
Entity Registrant Name | ROGERS INTERNATIONAL RAW MATERIALS FUND LP |
Entity Central Index Key | 0001118384 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Smaller Reporting Company |
Entity Common Stock, Shares Outstanding | 0 |
Statements Of Financial Condition - USD ($) |
Jun. 30, 2016 |
Dec. 31, 2015 |
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Equity in broker trading accounts: | ||
Cash at brokers | $ 832,583 | $ 1,932,056 |
Unrealized gain (loss) on open futures contracts, net | 2,165 | (186,937) |
Total equity in brokers trading accounts | 834,748 | 1,745,119 |
U.S. Government securities, at fair value | 3,999,686 | 2,999,396 |
Cash and cash equivalents | 1,281,225 | 1,743,738 |
Total assets | 6,115,659 | 6,488,253 |
LIABILITIES | ||
Brokerage commissions payable | 1,455 | 1,455 |
Accrued management fees - General Partner | 4,810 | 5,458 |
Administrative and other fees payable | 137,121 | 162,097 |
Withdrawals payable | 115,707 | 253,074 |
Total liabilities | 259,093 | 422,084 |
PARTNERS' CAPITAL (NET ASSETS) | ||
Partners' capital (net assets) | 5,856,566 | 6,066,169 |
Total liabilities and partners' capital (net assets) | $ 6,115,659 | $ 6,488,253 |
Condensed Schedule Of Investments (Parenthetical) - USD ($) |
6 Months Ended | 12 Months Ended |
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Jun. 30, 2016 |
Dec. 31, 2015 |
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Maximum percentage of individual futures contract position of net assets | 1.00% | 1.00% |
U.S Government securities [Member] | ||
Total cost | $ 3,998,046 | $ 2,998,967 |
U.S. Treasury Bills due 7/14/2016 at 0.07%, principal amount $4,000,000 [Member] | U.S Government securities [Member] | ||
US Treasury Bill Due | Jul. 14, 2016 | |
Treasury Bill Effective Yield | 0.07% | |
Principal Amount | $ 4,000,000 | |
U.S. Treasury Bills due 4/14/2016 at 0.07%, principal amount $3,000,000 [Member] | U.S Government securities [Member] | ||
US Treasury Bill Due | Apr. 14, 2016 | |
Treasury Bill Effective Yield | 0.07% | |
Principal Amount | $ 3,000,000 |
Statements Of Operations - USD ($) |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
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Net trading gains (losses): | ||||
Realized gains (losses) on future contracts | $ 739,862 | $ 338,371 | $ 391,710 | $ (762,493) |
Change in unrealized gains (losses) on open future contracts | (102,734) | 308,919 | 189,103 | 622,126 |
Brokerage commissions | (5,459) | (7,792) | (11,901) | (16,262) |
Net trading gains (losses) | 631,669 | 639,498 | 568,912 | (156,629) |
Investment income: | ||||
Interest income | 2,640 | 1,205 | 3,750 | 2,550 |
Investment income | 2,640 | 1,205 | 3,750 | 2,550 |
Expenses: | ||||
Management fees - General Partner | 14,400 | 23,880 | 28,832 | 49,189 |
Administrative and other fees | 31,444 | 41,485 | 63,125 | 85,678 |
Expenses | 45,844 | 65,365 | 91,957 | 134,867 |
Net investment loss | (43,204) | (64,160) | (88,207) | (132,317) |
Net income (loss) | $ 588,465 | $ 575,338 | $ 480,705 | $ (288,946) |
Net increase (decrease) in NAV per GP and LP unit: | ||||
General Partner | $ 6.80 | $ (2.42) | $ (3.26) | |
Net income (loss) per General and Limited Partners (based on weighted average number of units outstanding during the period): | ||||
Net income (loss) per General Partners | $ 8,927 | $ (3,183) | $ (4,295) | |
Limited Partners-Series A [Member] | ||||
Expenses: | ||||
Net income (loss) | $ 463,711 | $ (270,252) | ||
Net increase (decrease) in NAV per GP and LP unit: | ||||
Limited Partners | $ 9.00 | $ 6.80 | $ 7.54 | $ (3.26) |
Net income (loss) per General and Limited Partners (based on weighted average number of units outstanding during the period): | ||||
Net income (loss) per Limited Partners | $ 563,817 | $ 536,485 | $ 463,711 | $ (270,252) |
Limited Partners-Series B [Member] | ||||
Expenses: | ||||
Net income (loss) | $ 20,177 | $ (14,399) | ||
Net increase (decrease) in NAV per GP and LP unit: | ||||
Limited Partners | $ 8.73 | $ 6.57 | $ 7.28 | $ (3.23) |
Net income (loss) per General and Limited Partners (based on weighted average number of units outstanding during the period): | ||||
Net income (loss) per Limited Partners | $ 24,648 | $ 29,926 | $ 20,177 | $ (14,399) |
Statements Of Changes In Partners' Capital (Net Assets) - USD ($) |
General Partner [Member] |
Limited Partners-Series A [Member] |
Limited Partners-Series B [Member] |
Limited Partners [Member] |
Total |
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Partners' capital (net assets) at Dec. 31, 2014 | $ 159,924 | $ 9,846,684 | $ 535,070 | $ 10,381,754 | $ 10,541,678 |
Partners' capital (net assets), Units at Dec. 31, 2014 | 1,314 | 80,908 | 4,520 | ||
Net income (loss) | $ (4,295) | $ (270,252) | $ (14,399) | (284,651) | (288,946) |
Withdrawals | $ (872,742) | $ (68,554) | (941,296) | (941,296) | |
Withdrawals, Units | (7,419) | (593) | |||
Partners' capital (net assets) at Jun. 30, 2015 | $ 155,629 | $ 8,703,690 | $ 452,117 | 9,155,807 | 9,311,436 |
Partners' capital (net assets), Units at Jun. 30, 2015 | 1,314 | 73,489 | 3,927 | ||
Partners' capital (net assets) at Dec. 31, 2015 | $ 113,579 | $ 5,696,835 | $ 255,755 | 5,952,590 | 6,066,169 |
Partners' capital (net assets), Units at Dec. 31, 2015 | 1,314 | 65,910 | 3,045 | ||
Net income (loss) | $ (3,183) | $ 463,711 | $ 20,177 | 483,888 | 480,705 |
Withdrawals | $ (110,396) | $ (561,678) | $ (18,234) | (579,912) | (690,308) |
Withdrawals, Units | (1,314) | (6,328) | (221) | ||
Partners' capital (net assets) at Jun. 30, 2016 | $ 5,598,868 | $ 257,698 | $ 5,856,566 | $ 5,856,566 | |
Partners' capital (net assets), Units at Jun. 30, 2016 | 59,582 | 2,824 |
Statements Of Changes In Partners' Capital (Net Assets) (Parenthetical) - $ / shares |
6 Months Ended | |
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Jun. 30, 2016 |
Jun. 30, 2015 |
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Limited Partners-Series A [Member] | ||
Net asset value per unit | $ 93.97 | $ 118.44 |
Limited Partners-Series B [Member] | ||
Net asset value per unit | $ 91.27 | 115.13 |
General Partner [Member] | ||
Net asset value per unit | $ 118.44 |
Significant Accounting Policies |
6 Months Ended |
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Jun. 30, 2016 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 1.Significant Accounting Policies Nature of Business and Organization: Rogers International Raw Materials Fund, L.P. (the "Partnership") is an Illinois Limited Partnership that was established in May 2000. The Partnership trades a portfolio primarily of commodity futures and forward contracts, principally on recognized exchanges. The Partnership may also purchase contracts in the over the counter marketplace under certain circumstances. The Partnership invests and trades exclusively on the “long side” of the market. The Partnership’s investment strategy is designed to replicate the Rogers International Commodity Index ® (the “Index”) and positions are rebalanced monthly to maintain the Index’s relative weightings. James B. Rogers designed the Index. The Partnership commenced trading during November 2001 with assets raised from the offering of its original units of limited partnership interest, now referred to as "Series A" units, and offered Series A units through October 2005. The Partnership began offering Series B units in November 2010. Series A units and Series B units are identical with respect to their participation in the profits and losses of the Partnership; however, Series B units do not participate in any Partnership expenses or recoveries related to the bankruptcy of Refco Inc. and its affiliates. The Partnership’s General Partner and commodity pool operator is Beeland Management Company, L.L.C. (the “General Partner”). Accounting Policies: The Partnership follows Generally Accepted Accounting Principles (“GAAP”), as established by the Financial Accounting Standards Board (“FASB”), to ensure consistent reporting of financial condition and results of operation. The Partnership is an investment company and follows the accounting and reporting guidelines in FASB Topic 946. Net Assets: The valuation of net assets includes open commodity futures contracts owned by the Partnership, if any, at the end of the period. The unrealized gain or loss on these contracts has been calculated based on closing prices on the last business day of each month. Net asset value is determined by subtracting liabilities from assets, which also equals partners’ capital. Cash and Cash Equivalents: Cash and cash equivalents include highly liquid instruments with original maturities of three months or less at the date of acquisition. Cash and cash equivalents represent amounts on deposit with a broker to facilitate payment of expenses and partner withdrawals. Fair Value of Financial Instruments: Securities and derivative financial instruments are recorded on trade date and at fair value. Deposits with Brokers: The Partnership deposits assets with brokers subject to Commodity Futures Trading Commission regulations and various exchange and broker requirements. Margin requirements are satisfied by the deposit of cash with such brokers. The Partnership earns interest income on its assets deposited with the brokers. Revenue Recognition: Futures and forward contracts are recorded on a trade date basis and realized gains or losses are recognized when contracts are liquidated. Unrealized gains or losses on open contracts (the difference between contract trade price and market price) are reported in the statements of financial condition as a net unrealized gain or loss, as there exists a right of offset of unrealized gains or losses. Any change in net unrealized gain or loss from the preceding period is reported in the statement of operations. Interest Income Recognition: The Partnership records interest income on the accrual basis. Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Foreign Currency Translation: Foreign currency is translated into U.S. dollars at the exchange rate prevailing on the last business day of each month. The Partnership does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities and derivative financial instruments held. Such fluctuations are included with the net realized trading gains or losses. Income Taxes: No provision for income taxes has been made in these financial statements as each partner is individually responsible for reporting income or loss based on its respective share of the Partnership’s income and expenses as reported for income tax purposes. The Partnership is generally not subject to examination by U.S. federal or state taxing authorities for tax years before 2012. The Partnership has no material uncertain tax positions, and accordingly, has not recorded a liability for the payment of interest or penalties through June 30, 2016. Note 1.Significant Accounting Policies (Continued) Profit and Loss Allocation: Profits and losses of the Partnership are allocated by series based on the number of units held. Withdrawals Payable: Withdrawals approved by the General Partner prior to month-end with a fixed effective date and fixed amount are recorded as withdrawals payable as of month-end (See Note 5). Statement of Cash Flows: The Partnership has elected not to provide a statement of cash flows as permitted by GAAP as all of the following conditions have been met: -During the year, substantially all of the Partnership’s investments were highly liquid; -Substantially all of the Partnership’s investments are carried at fair value; -The Partnership had little or no debt during the year; -The Partnership’s financial statements include a statement of changes in partners’ capital (net assets).
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Fair Value Measurment |
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Fair Value Measurment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurment | Note 2.Fair Value Measurement As described in Note 1, the Partnership records its investments at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Partnership utilizes valuation techniques to maximize the use of observable inputs and minimize the use of unobservable inputs. Inputs are broadly defined as assumptions market participants would use in pricing an asset or liability. Assets and liabilities recorded at fair value are categorized within the fair value hierarchy based upon the level of judgment associated with the inputs used to measure their value. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: Level 1. Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2. Inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly or indirectly; and fair value is determined through the use of models or other valuation methodologies. Level 3. Inputs are unobservable for the asset or liability and include situations where there is little, if any, market activity for the asset or liability. The inputs into the determination of fair value are based upon the best information in the circumstances and may require significant management judgment or estimation. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Partnership’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. The following section describes the valuation techniques used by the Partnership to measure different financial instruments at fair value and includes the level within the fair value hierarchy in which the financial instrument is categorized. The fair values of exchange traded futures contracts are based upon exchange settlement prices. Money market funds included in cash and cash equivalents are valued using quoted market prices. U.S. Government securities are stated at cost plus accrued interest, which approximates fair value based on quoted prices for identical assets in an active market. These financial instruments are categorized in Level 1 of the fair value hierarchy. The following table summarizes the Partnership’s assets measured at fair value on a recurring basis as of June 30, 2016 and December 31, 2015 using the fair value hierarchy:
*See condensed schedules of investments for further description.
Note 2. Fair Value Measurements (Continued) At June 30, 2016 and December 31, 2015, there were no Level 2 or Level 3 assets or liabilities. The Partnership assesses the levels of the investments at each measurement day, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer. There were no transfers among Levels 1, 2 and 3 during the period ended June 30, 2016 and the year ended December 31, 2015. In addition, substantially all of the Partnership’s other assets and liabilities are considered financial instruments and are reflected at fair value, or at carrying amounts that approximate fair value because of the short maturity of the instruments.
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Derivative Transactions |
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Derivative Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Transactions | Note 3.Derivative Transactions Qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments, and disclosures about credit-risk related contingent features in derivative agreements are presented. The Partnership’s business is the speculative trading of futures contracts. The Partnership does not consider any derivative instruments to be hedging instruments, as this term is generally understood under FASB guidance. At June 30, 2016 and December 31, 2015, the Partnership’s derivative contracts had the following impact on the statements of financial condition:
*The net fair value of all asset and liability derivative is included in equity in brokers trading accounts in the statements of financial condition.
*The net fair value of all asset and liability derivative is included in equity in broker trading accounts in the statements of financial condition.
Note 3. Derivative Transactions (Continued) For the three and six months ended June 30, 2016 and 2015, the Partnership’s derivative contracts had the following impact on the statement of operations:
Trading income is exclusive of brokerage commissions. For the three and six months ended June 30, 2016 and 2015, the monthly average number of contracts bought and sold was 244, 272, 427 and 464 respectively. As of June 30, 2016 and December 31, 2015, the gross and net information related to derivatives eligible for offset had the following impact on the statement of financial condition.
Note 3. Derivative Transactions (Continued)
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Agreements And Related-Party Transactions |
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agreements And Related-Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agreements And Related-Party Transactions | Note 4.Agreements and Related-Party Transactions The Limited Partnership Agreement vests all responsibility and powers for the management of the business and affairs of the Partnership with the General Partner, Beeland Management Company, L.L.C. including trading decisions. The Partnership pays a monthly management fee to the General Partner equal to 0.08333% of the net assets of the Partnership at the close of the preceding month (1.00% per annum). The Partnership is responsible for the administrative and trading expenses related to its operations. The General Partner may incur certain expenses on behalf of the Partnership and charge the Partnership for its allocable portion of these expenses. Uhlmann Price Securities L.L.C. (“Uhlmann”), a party related to the General Partner by reason of common management, and from April 2013 to December 2015, common ownership, acts as the selling group manager for the Partnership. The Partnership pays Uhlmann a share of selling fees when units are sold by its registered brokers. Selling fees of up to 2% of the gross offering proceeds (which includes a 0.50% reallowance to Uhlmann) were charged to partners’ capital upon issuance of Series B Partnership units. In addition, there is an annual trailing servicing fee of up to 1% of the net asset value of the specific partner’s capital account payable to the soliciting broker-dealer for ongoing investor services. For all Series B units sold, the total trailing servicing fee is not to exceed 7.99% of the gross offering proceeds of the units sold. The Price Futures Group, Inc. (“PFG”), a related party to the General Partner through common management, and from April 2013 to December 2015, common ownership, acts as the introducing broker for the Partnership, whereby certain accounts of the Partnership are introduced to the Partnership’s clearing broker. A portion of the brokerage fee paid by the Partnership for clearing transactions is paid to PFG, by the clearing broker.
Note 4.Agreements and Related-Party Transactions (Continued) A summary of fees charged by related parties to the Partnership is as follows:
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Partnership Capital And Withdrawals |
6 Months Ended |
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Jun. 30, 2016 | |
Partnership Capital And Withdrawals [Abstract] | |
Partnership Capital And Withdrawals | Note 5. Partnership Capital and Withdrawals The Partnership accepts contributions as of the close of business on the last business day of each month for investment on the first day of the next succeeding month. The General Partner may accept or reject contributions and waive the minimum contribution amounts in its sole discretion. Effective November 1, 2010, the Partnership began accepting contributions for Series B units. The Partnership has been closed to Series A units contributions since October 31, 2005. Effective May 1, 2013, the Partnership ceased offering its units of limited partnership and is no longer accepting contributions. The purchase price of a unit is the net asset value per unit as of the end of each calendar month. Net asset value per unit is calculated as the net asset value at month-end divided by the number of outstanding units. The Partnership accepts withdrawals on a monthly basis. Requests for withdrawal should be received by the General Partner no later than six business days prior to the end of the month in which an investor chooses to withdraw. Requests for withdrawal should be sent to the General Partner by email, fax, or overnight courier.
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Financial Instruments With Off-Balance Sheet Credit And Market Risk |
6 Months Ended |
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Jun. 30, 2016 | |
Financial Instruments With Off-Balance Sheet Credit And Market Risk [Abstract] | |
Financial Instruments With Off-Balance Sheet Credit And Market Risk | Note 6. Financial Instruments with Off-Balance Sheet Credit and Market Risk The Partnership is involved in trading activities that may have market and/or credit risk. Financial instruments employed in the Partnership’s operations may have market and/or credit risk in excess of the amounts recorded in the statement of financial condition. Market Risk - Market risks arise from changes in the market value of financial instruments. Theoretically, the Partnership’s exposure is equal to the notional contract value of futures contracts entered. Exposure to market risk is influenced by a number of factors, including the relationships between financial instruments, and the volatility and liquidity in the markets in which the financial instruments are traded. Credit Risk - Credit risk arises primarily from the potential inability of counterparties to perform in accordance with the terms of a contract. The Partnership’s exposure to credit risk associated with counterparty nonperformance is generally the net unrealized gain on the open positions plus the value of the margin or collateral held by the counterparty. Exchange-traded financial instruments generally do not give rise to significant counterparty exposure due to the cash settlement procedures for daily market movements and the margin requirements of individual exchanges. Financial instruments traded off-exchange give rise to the risk of the failure of, or the inability or refusal to perform by, the counterparties to such trades. Concentration of Credit Risk - The Partnership clears all of its futures trades through one clearing broker, ADM Investor Services, Inc. In the event this counterparty does not fulfill its obligations, the Partnership may be exposed to risk. This risk of default depends on the creditworthiness of the counterparties to these transactions. The Partnership has a substantial portion of its assets on deposit with financial institutions in connection with its cash management activities. In the event of a financial institution’s insolvency, recovery of the Partnership’s assets on deposit may be limited to the amount of insurance or other protection afforded such deposits. The Partnership attempts to minimize this credit risk by monitoring the creditworthiness of the clearing broker and financial institutions.
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Financial Highlights |
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Financial Highlights [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Highlights |
Note 7.Financial Highlights Financial highlights for limited partners for the three and six months ended June 30, 2016 and 2015 are as follows:
Note 7.Financial Highlights (Continued)
The above ratios were calculated for the partners taken as a whole. The computation of such ratios was not based on the amount of expenses assessed and income allocated to an individual partner’s capital account, which may vary from these ratios based on the timing of capital transactions (see Note 5). (1) Annualized. (2) The ratio of expenses to average partners’ capital (net asset) values does not include brokerage commissions. (3) Not annualized.
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Litigation |
6 Months Ended |
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Jun. 30, 2016 | |
Litigation [Abstract] | |
Litigation | Note 8.Litigation The Partnership was a beneficiary of a Litigation Trust which sought recoveries from third parties, related to the 2005 bankruptcy of Refco, Inc. and numerous affiliates (the “Refco Bankruptcy”). In December 2014, the Partnership received additional amounts from the Litigation Trust and sold its interest in any future bankruptcy claims to a third party after giving consideration to such factors as the uncertainty regarding the timing and amount of any future potential distributions. With these final distributions, the Partnership has received the full value of its allowed claims in the Refco bankruptcy as well as excess recoveries of approximately $5.9 million. All Refco Bankruptcy related recoveries received by the Partnership, including excess recoveries except as described below, have been allocated among all partners in the Partnership who were partners as of October 31, 2005, on a pro-rata basis as of October 31, 2005, with redeemed partners receiving cash distributions. Final cash distributions to redeemed partners from excess recoveries totaled approximately $434,424 for the year ended December 31, 2014. At December 31, 2014, $337,499 of excess Refco related recoveries was payable to redeemed limited partners. All cash distributions were paid out to redeemed investors in December 2015. The Partnership has reserved $54,489 of the excess Refco related recoveries to apply to expenses incurred to administer ongoing communication with, and distributions and reporting to, redeemed limited partners with respect to Refco related recoveries received by the Partnership. These expenses include but are not limited to professional fees, printing, postage, and administration fees.
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Indemnification |
6 Months Ended |
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Jun. 30, 2016 | |
Indemnification [Abstract] | |
Indemnification | Note 9. Indemnifications In the normal course of business, the Partnership enters into contracts and agreements that contain a variety of representations and warranties, both of which provide general indemnifications. The Partnership’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Partnership that have not yet occurred. The Partnership expects the risk of any future obligation under these indemnifications to be remote.
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Interim Financial Statements |
6 Months Ended |
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Jun. 30, 2016 | |
Interim Financial Statements [Abstract] | |
Interim Financial Statements | Note 10.Interim Financial Statements The statements of financial condition, including the condensed schedule of investments, as of June 30, 2016, the statement of operations and changes in partners’ capital (net assets) for the three and six months ended June 30, 2016 and 2015 and the accompanying notes to the financial statements are unaudited. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP may be omitted pursuant to such rules and regulations. In the opinion of the General Partner, such financial statements and accompanying disclosures reflect all adjustments, which were of a normal and recurring nature, necessary for a fair presentation of the financial position as of June 30, 2016, results of operations and changes in partner’s capital (net assets) for the three and six months ended June 30, 2016 and 2015. The results of operations for the three and six months ended June 30, 2016 and 2015 are not necessarily indicative of the results to be expected for the full year or any other period. These financial statements should be read in conjunction with the audited financial statements and the notes thereto included in the Partnership’s Form 10-K as filed with the SEC.
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Subsequent Events |
6 Months Ended |
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Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events |
Significant Accounting Policies (Policy) |
6 Months Ended |
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Jun. 30, 2016 | |
Significant Accounting Policies [Abstract] | |
Nature Of Business And Organization | Nature of Business and Organization: Rogers International Raw Materials Fund, L.P. (the "Partnership") is an Illinois Limited Partnership that was established in May 2000. The Partnership trades a portfolio primarily of commodity futures and forward contracts, principally on recognized exchanges. The Partnership may also purchase contracts in the over the counter marketplace under certain circumstances. The Partnership invests and trades exclusively on the “long side” of the market. The Partnership’s investment strategy is designed to replicate the Rogers International Commodity Index ® (the “Index”) and positions are rebalanced monthly to maintain the Index’s relative weightings. James B. Rogers designed the Index. The Partnership commenced trading during November 2001 with assets raised from the offering of its original units of limited partnership interest, now referred to as "Series A" units, and offered Series A units through October 2005. The Partnership began offering Series B units in November 2010. Series A units and Series B units are identical with respect to their participation in the profits and losses of the Partnership; however, Series B units do not participate in any Partnership expenses or recoveries related to the bankruptcy of Refco Inc. and its affiliates. The Partnership’s General Partner and commodity pool operator is Beeland Management Company, L.L.C. (the “General Partner”).
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Accounting Policies | Accounting Policies: The Partnership follows Generally Accepted Accounting Principles (“GAAP”), as established by the Financial Accounting Standards Board (“FASB”), to ensure consistent reporting of financial condition and results of operation. The Partnership is an investment company and follows the accounting and reporting guidelines in FASB Topic 946.
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Net Assets | Net Assets: The valuation of net assets includes open commodity futures contracts owned by the Partnership, if any, at the end of the period. The unrealized gain or loss on these contracts has been calculated based on closing prices on the last business day of each month. Net asset value is determined by subtracting liabilities from assets, which also equals partners’ capital.
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Cash And Cash Equivalents | Cash and Cash Equivalents: Cash and cash equivalents include highly liquid instruments with original maturities of three months or less at the date of acquisition. Cash and cash equivalents represent amounts on deposit with a broker to facilitate payment of expenses and partner withdrawals.
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Fair Value Of Financial Instruments | Fair Value of Financial Instruments: Securities and derivative financial instruments are recorded on trade date and at fair value.
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Deposits With Brokers | Deposits with Brokers: The Partnership deposits assets with brokers subject to Commodity Futures Trading Commission regulations and various exchange and broker requirements. Margin requirements are satisfied by the deposit of cash with such brokers. The Partnership earns interest income on its assets deposited with the brokers.
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Revenue Recognition | Revenue Recognition: Futures and forward contracts are recorded on a trade date basis and realized gains or losses are recognized when contracts are liquidated. Unrealized gains or losses on open contracts (the difference between contract trade price and market price) are reported in the statements of financial condition as a net unrealized gain or loss, as there exists a right of offset of unrealized gains or losses. Any change in net unrealized gain or loss from the preceding period is reported in the statement of operations.
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Interest Income Recognition | Interest Income Recognition: The Partnership records interest income on the accrual basis
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Use Of Estimates | Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
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Foreign Currency Translation | Foreign Currency Translation: Foreign currency is translated into U.S. dollars at the exchange rate prevailing on the last business day of each month. The Partnership does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities and derivative financial instruments held. Such fluctuations are included with the net realized trading gains or losses.
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Income Taxes | Income Taxes: No provision for income taxes has been made in these financial statements as each partner is individually responsible for reporting income or loss based on its respective share of the Partnership’s income and expenses as reported for income tax purposes. The Partnership is generally not subject to examination by U.S. federal or state taxing authorities for tax years before 2012. The Partnership has no material uncertain tax positions, and accordingly, has not recorded a liability for the payment of interest or penalties through June 30, 2016.
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Profit And Loss Allocation | Profit and Loss Allocation: Profits and losses of the Partnership are allocated by series based on the number of units held.
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Withdrawals Payable | Withdrawals Payable: Withdrawals approved by the General Partner prior to month-end with a fixed effective date and fixed amount are recorded as withdrawals payable as of month-end (See Note 5).
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Statement Of Cash Flows | Statement of Cash Flows: The Partnership has elected not to provide a statement of cash flows as permitted by GAAP as all of the following conditions have been met: -During the year, substantially all of the Partnership’s investments were highly liquid; -Substantially all of the Partnership’s investments are carried at fair value; -The Partnership had little or no debt during the year; -The Partnership’s financial statements include a statement of changes in partners’ capital (net assets).
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Fair Value Measurment (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Partnership's Assets Measured At Fair Value On Recurring Basis |
*See condensed schedules of investments for further description.
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Derivative Transactions (Tables) |
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Derivative Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impact Of Derivative Contracts On Statement Of Financial Conditions |
*The net fair value of all asset and liability derivative is included in equity in brokers trading accounts in the statements of financial condition.
*The net fair value of all asset and liability derivative is included in equity in broker trading accounts in the statements of financial condition.
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Trading Gains And Losses From Derivative Contracts |
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Offsetting Assets And Liabilities, And Derivatives Assets and Liabilities And Collateral Received By Counterparty |
Note 3. Derivative Transactions (Continued)
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Agreements And Related-Party Transactions (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Agreements And Related-Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fees Charged By Related Parties To Partnership |
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Financial Highlights (Tables) |
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Financial Highlights [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Highlights For Limited Partners |
Note 7.Financial Highlights (Continued)
The above ratios were calculated for the partners taken as a whole. The computation of such ratios was not based on the amount of expenses assessed and income allocated to an individual partner’s capital account, which may vary from these ratios based on the timing of capital transactions (see Note 5). (1) Annualized. (2) The ratio of expenses to average partners’ capital (net asset) values does not include brokerage commissions. (3) Not annualized.
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Significant Accounting Policies (Details) |
6 Months Ended |
---|---|
Jun. 30, 2016
USD ($)
| |
Significant Accounting Policies [Abstract] | |
Provision for income taxes | $ 0 |
Liability for the payment of interest and penalties | $ 0 |
Fair Value Measurment (Narrative) (Details) - USD ($) |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2016 |
Dec. 31, 2015 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | $ 0 | $ 0 |
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 0 | 0 |
Liabilities at fair value | 0 | 0 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 0 | 0 |
Liabilities at fair value | $ 0 | $ 0 |
Fair Value Measurment (Summary Of Partnership's Assets Measured At Fair Value On Recurring Basis) (Details) - USD ($) |
Jun. 30, 2016 |
Dec. 31, 2015 |
|||
---|---|---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Unrealized gain (loss) on open futures contracts, net | $ 2,165 | $ (186,937) | |||
U.S. Government securities | 3,999,686 | 2,999,396 | |||
Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Unrealized gain (loss) on open futures contracts, net | [1] | 2,165 | (186,937) | ||
U.S. Government securities | [1] | 3,999,686 | 2,999,396 | ||
Money market funds | 1,175,822 | 1,553,238 | |||
Total assets at fair value | $ 5,177,673 | $ 4,365,697 | |||
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Derivative Transactions (Narrative) (Details) - contract |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
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Derivative Transactions [Abstract] | ||||
Average contracts bought and sold | 244 | 427 | 272 | 464 |
Derivative Transactions (Impact Of Derivative Contracts On Statement Of Financial Conditions) (Details) - USD ($) |
Jun. 30, 2016 |
Dec. 31, 2015 |
|||
---|---|---|---|---|---|
Derivatives, Fair Value [Line Items] | |||||
Asset Derivatives | $ 173,854 | $ 106,911 | |||
Liability Derivatives | (171,689) | (293,848) | |||
Net Derivatives | [1] | 2,165 | (186,937) | ||
Agricultural [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Asset Derivatives | 49,003 | 29,693 | |||
Liability Derivatives | (66,733) | (85,923) | |||
Net Derivatives | [1] | (17,730) | (56,230) | ||
Metals [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Asset Derivatives | 105,371 | 56,112 | |||
Liability Derivatives | (63,931) | (118,190) | |||
Net Derivatives | [1] | 41,440 | (62,078) | ||
Energy [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Asset Derivatives | 19,480 | 21,106 | |||
Liability Derivatives | (41,025) | (89,735) | |||
Net Derivatives | [1] | $ (21,545) | $ (68,629) | ||
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Derivative Transactions (Trading Gains And Losses From Derivative Contracts) (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
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Trading Activity, Gains and Losses, Net [Line Items] | ||||
Realized gains (losses) on future contracts | $ 739,862 | $ 338,371 | $ 391,710 | $ (762,493) |
Change in unrealized gains (losses) on open futures contracts | (102,734) | 308,919 | 189,103 | 622,126 |
Total trading gains (losses) | 637,128 | 647,290 | 580,813 | (140,367) |
Agricultural [Member] | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Total trading gains (losses) | 98,866 | 257,564 | 88,236 | (35,418) |
Metals [Member] | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Total trading gains (losses) | 113,047 | (99,042) | 221,573 | (166,962) |
Energy [Member] | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Total trading gains (losses) | $ 425,215 | $ 488,768 | $ 271,004 | $ 62,013 |
Derivative Transactions (Offsetting Assets And Liabilities) (Details) - USD ($) |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Offsetting Liabilities [Line Items] | ||
Gross Amount of Recognized Assets | $ 173,854 | $ 106,911 |
Gross Amount of Recognized Liabilities | 171,689 | 293,848 |
US And Foreign Futures Contracts [Member] | ||
Offsetting Liabilities [Line Items] | ||
Gross Amount of Recognized Assets | 173,854 | 106,911 |
Gross Amount of Recognized Liabilities | 171,689 | 293,848 |
Gross Amounts Offset in the Consolidated Statement of Financial Condition, Assets | (171,689) | (106,911) |
Gross Amounts Offset in the Consolidated Statement of Financial Condition, Liabilities | (171,689) | (106,911) |
Net Amount of Unrealized Gain Presented in the Consolidated Statement of Financial Condition, Assets | 2,165 | |
Net Amount of Unrealized Gain Presented in the Consolidated Statement of Financial Condition, Liabilities | $ 186,937 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral |
Derivative Transactions (Derivatives Assets and Liabilities And Collateral Received By Counterparty) (Details) - US And Foreign Futures Contracts [Member] - USD ($) |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Offsetting Liabilities [Line Items] | ||
Net Amount of Unrealized Gain (Loss) Presented in the Statement of Financial Condition, Assets | $ 2,165 | |
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments, Assets | ||
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral, Assets | (2,165) | |
Net Amount, Assets | ||
Net Amount of Unrealized Gain (Loss) Presented in the Statement of Financial Condition, Liabilities | (186,937) | |
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral, Liabilities | 186,937 | |
Net Amount, Liabilities | ||
ADM Investor Services, Inc [Member] | ||
Offsetting Liabilities [Line Items] | ||
Net Amount of Unrealized Gain (Loss) Presented in the Statement of Financial Condition, Assets | 2,165 | |
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments, Assets | ||
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral, Assets | (2,165) | |
Net Amount, Assets | ||
Net Amount of Unrealized Gain (Loss) Presented in the Statement of Financial Condition, Liabilities | (186,937) | |
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral, Liabilities | $ 186,937 |
Agreements And Related-Party Transactions (Narrative) (Details) |
6 Months Ended |
---|---|
Jun. 30, 2016 | |
Related Party Transaction [Line Items] | |
Monthly management fee to General Partner, percent | 0.08333% |
Management fees per annum, percent | 1.00% |
Annual trailing servicing fees, percent | 1.00% |
Maximum trailing servicing fees, percent | 7.99% |
Uhlmann [Member] | |
Related Party Transaction [Line Items] | |
Selling fees paid, percent | 2.00% |
Reallowance percentage | 0.50% |
Agreements And Related-Party Transactions (Fees Charged By Related Parties To Partnership) (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Related Party Transaction [Line Items] | ||||
Management fees | $ 14,400 | $ 23,880 | $ 28,832 | $ 49,189 |
General Partner [Member] | ||||
Related Party Transaction [Line Items] | ||||
Management fees | 14,400 | 23,880 | 28,832 | 49,189 |
Uhlmann [Member] | ||||
Related Party Transaction [Line Items] | ||||
Trailing servicing fees | $ 10,151 | $ 17,072 | $ 20,458 | $ 35,170 |
Financial Highlights (Details) - $ / shares |
3 Months Ended | 6 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
||||||||
Limited Partners-Series A [Member] | |||||||||||
Financial Highlights [Line Items] | |||||||||||
Net asset value per unit at the beginning of the period | $ 84.97 | $ 111.64 | $ 86.43 | $ 121.70 | |||||||
Net trading gains (losses) | 9.68 | 7.60 | 8.89 | (1.67) | |||||||
Investment income | 0.04 | 0.01 | 0.04 | 0.03 | |||||||
Expenses | (0.72) | (0.81) | (1.39) | (1.62) | |||||||
Net investment loss | (0.68) | (0.80) | (1.35) | (1.59) | |||||||
Net gain (loss) per unit | 9.00 | 6.80 | 7.54 | (3.26) | |||||||
Net asset value per unit at the end of the period | $ 93.97 | $ 118.44 | $ 93.97 | $ 118.44 | |||||||
Ratio of net investment loss to average partners' capital (net assets) | [1] | (2.98%) | (2.70%) | (3.05%) | (2.70%) | ||||||
Ratio of expenses to average partners' capital (net assets) | [1],[2] | 3.17% | 2.75% | 3.18% | 2.76% | ||||||
Total return | [3] | 10.60% | 6.09% | 8.72% | (2.69%) | ||||||
Limited Partners-Series B [Member] | |||||||||||
Financial Highlights [Line Items] | |||||||||||
Net asset value per unit at the beginning of the period | $ 82.54 | $ 108.56 | $ 83.99 | $ 118.36 | |||||||
Net trading gains (losses) | 9.40 | 7.39 | 8.62 | (1.62) | |||||||
Investment income | 0.04 | 0.01 | 0.04 | 0.03 | |||||||
Expenses | (0.71) | (0.83) | (1.38) | (1.64) | |||||||
Net investment loss | (0.67) | (0.82) | (1.34) | (1.61) | |||||||
Net gain (loss) per unit | 8.73 | 6.57 | 7.28 | (3.23) | |||||||
Net asset value per unit at the end of the period | $ 91.27 | $ 115.13 | $ 91.27 | $ 115.13 | |||||||
Ratio of net investment loss to average partners' capital (net assets) | [1] | (3.04%) | (2.86%) | (3.11%) | (2.82%) | ||||||
Ratio of expenses to average partners' capital (net assets) | [1],[2] | 3.23% | 2.91% | 3.25% | 2.88% | ||||||
Total return | [3] | 10.58% | 6.06% | 8.67% | (2.73%) | ||||||
|
Litigation (Details) - USD ($) |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2016 |
Dec. 31, 2014 |
|
Litigation [Abstract] | ||
Recovered excess of security claims | $ 5,900,000 | |
Cash distribution to redeemed partners | 434,424 | |
Recoveries payable to redeemed limited partners | $ 337,499 | |
Excess distributions | $ 54,489 |
Subsequent Events (Details) - USD ($) |
Aug. 10, 2016 |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|---|
Subsequent Event [Line Items] | |||
Withdrawals | $ 115,707 | $ 253,074 | |
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Withdrawals | $ 41,639 |
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